Released on March 9, 2005
Industry and Resources Minister Eric Cline promoted Saskatchewan's unprecedented exploration levels to an international audience of mineral sector representatives in Toronto on March 8th and 9th, 2005.As one of the most important international mining industry events of the year, the Prospectors and Developers Association of Canada (PDAC) conference attracts over 8,000 delegates from around the world who want to find and develop new deposits.
"Eighteen months ago, a dozen companies were active in the province. Today, there are over 45 companies carrying out exploration programs," Cline said. "Mining is a key cylinder in the economic engine of Saskatchewan. We will continue working to ensure that the province offers one of the most competitive mining investment climates in Canada."
Spending in mineral exploration is expected to increase to over $95 million in 2005. This is the highest level Saskatchewan has seen in recorded history. It is an increase of over $31 million in 2003-04 and $28 million the previous fiscal year.
The growth is attributed to increased commodity prices and Saskatchewan's Mineral Exploration Incentive Program introduced in 2002.
The $12.6 million program introduced new exploration grants, an enhanced geoscience program, fuel rebates for off-road exploration, and a royalty holiday for new gold and base metal mines.
Mining is Saskatchewan's third largest industry after oil and natural gas, and
agriculture. Saskatchewan is the world's largest producer of uranium and potash, supplying approximately one-third of world demand. Other materials mined in the province include coal, gold, copper and zinc, with potential for diamonds.
In 2004, the annual value of mineral production in Saskatchewan was over $3 billion, which represents over eight per cent of the province's GDP. The mineral sector is vital to Saskatchewan's economy, contributing $218 million in Crown revenues used to support important social programs. It supports 20,000 jobs, including almost 2,000 direct jobs in Northern Saskatchewan, and contributes over $2 billion annually in wages, goods and services.
-30-
For More Information, Contact:
| Jennifer Redston Industry and Resources Regina Phone: (306) 787-8360 |